Broker: Maybank Research Pte Ltd
Date of Report: July 20, 2026
Excerpt from Maybank Research report.
Report Summary
- Stock: Grab Holdings (GRAB US)
- Rating: BUY (Maintained)
- 12-month Target Price: USD 6.25 (+75%)
- Current Price: USD 3.57
- Key Idea: The proposed USD15bn acquisition of Delivery Hero by Uber could reshape competition in ASEAN and is a new overhang for Grab. The outcome depends critically on the Uber-Grab non-compete agreement. If Uber restructures or exits its 13.5% Grab stake to re-enter ASEAN mobility, it could lead to a 26% downside risk to Grab’s valuation (SoTP downside to USD4.61/share). If Uber only operates Foodpanda, downside risk is limited (~5%).
- Highlights:
- Non-compete agreement is the swing factor for competitive impact.
- Potential Uber stake sale in Grab may create technical overhang, delaying valuation re-rating.
- Sea Ltd is preferred within ASEAN internet sector given clearer growth and monetisation path.
- Actionable Insight: Maintain BUY on Grab for now, pending clarity on Uber’s strategic intentions and the non-compete resolution. Watch for Uber’s next moves and potential stake sale as key triggers for stock movement.
above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : www.maybank-keresearch.com
